- Warning: This analysis may completely transform you into a super bull!
- Interest rates are rising, which is bad for the stock market, but is it also bad for Bitcoin? Maybe not at all. On the other side, inflation is pretty high and the money printer is running, which is good for Bitcoin .
- We have a huge falling wedge pattern on the weekly chart that is very close to a massive breakout! The upper sloping trendline is very important and can indicate the end of this bear market.
- As you can see, the price is currently below the 200 weekly moving average. This particular MA is considered a strong support/resistance by huge institutions and hedge funds, but they do not see it as a level, but rather as a zone. So even if we are a little bit below the MA, it’s still holding. We need to break below the previous swing low to confirm the breakout of the MA. What’s more, if you take a look at the TOTAL crypto market cap chart, 200MA is above the current price, which can be a more reliable indicator.
- If we take a look at the oscillators, the RSI indicator is printing a bullish divergence , which is a strong reversal signal, especially on the weekly chart. Also, the MACD indicator has a bullish tick on the histogram + bullish divergence between the swing lows as well.
- We have history’s highest volume , so a lot of bitcoin changes owners, which can be interpreted as a bullish signal. It’s really a record volume on the Binance exchange, which is currently the biggest crypto exchange.
- As per my Elliott Wave analysis, an ABC correction has been completed successfully and we can definitely start a new impulse wave to new all-time highs in the immediate short term!
- On Tradeview, I post potential scenarios. Today I can post a bullish analysis and tomorrow a bearish analysis. It’s up to you how you decide to trade. Usually, I do not publish trading setups publicly, only privately. I can only give you all the reasons to buy or sell a specific asset here on TradingView.
- I expect tremendous gains for selected altcoins ( QNT , BEL, STPT). You can find them in the related section down below.
Bitcoin – The bottom is in! Next target 300,000 USD!
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Professional trader and analyst. My specialization is in Elliott Wave Theory, Fibonacci tools, chart patterns, candlesticks, and price action. To analyze market structure, I use market profile and volume profile in my trading system. To analyze trends, I use trendlines, VWAP, and simple moving averages.